Zillow pays $50M for New York real estate site

SEATTLE -- Area-based Zillow Inc. is buying a real estate website in New York City for $50 million, the Puget Sound Business Journal reported. The site, StreetEasy, provides listings of properties for rent and for sale in New York. It launched in 2006 and with 34 employees has managed to attract about 1.2 million unique monthly users.

With increased competition among real-estate listings providers amid a recovering U.S. housing market, Zillow has been making acquisitions to maintain growth, Bloomberg reported. The company purchased San Francisco-based HotPads in December.

Zillow also announced a secondary public stock offering of 2.5 million shares of Class A common stock and an additional 2.52 million of shares to be sold by existing shareholders.

Read more about Zillow's plans here.